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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What is the initial bet that Gutfreund proposes to Meriwether for Liar's Poker?
(a) One dollar.
(b) A year's pay.
(c) Forty thousand dollars.
(d) A million dollars.

2. From what school does Leonard Bublick, the trainee who gets hit in the head with a paper wad thrown by the former U.S. Navy fighter pilot, get his M.B.A.?
(a) Yale.
(b) Oberlin.
(c) University of Iowa.
(d) University of Indiana.

3. There are 287 books about bonds in the New York Public Library and most of them are about _____.
(a) Family ties.
(b) Chemistry.
(c) A British spy.
(d) Junk Bonds.

4. The author characterizes the people initially involved in home mortgages as ______.
(a) Corn farmers.
(b) Sheep ranchers.
(c) Burger flippers.
(d) Shoe salesmen.

5. Gutfreund's wife, Susan, is spending fifteen million dollars decorating his ______ apartment.
(a) Paris
(b) London
(c) Manhattan.
(d) Long Island.

6. In any market, as in any poker game, there is a ______.
(a) Fool.
(b) Sociopath.
(c) Ringleader.
(d) Scapegoat.

7. In the midst of Liar's Poker, the good player's mind spins with ________.
(a) Probabilities.
(b) Gestures.
(c) Details.
(d) Commonalities.

8. Where was the author born and raised?
(a) New York.
(b) London.
(c) The Deep South.
(d) Boston.

9. William Simon becomes the secretary of the U.S. Treasury under which president?
(a) Lyndon Johnson.
(b) Jimmy Carter.
(c) Richard Nixon.
(d) Gerald Ford.

10. As Lewis observes people in his firm, he finds that just as some people are mean drunks, mortgage traders are mean _____.
(a) Teachers.
(b) Parents.
(c) Dogs.
(d) Gluttons.

11. Traders prove their superiority in a Wall Street firm every day by doing what?
(a) Taking long lunches.
(b) Managing trainees.
(c) Handling risk.
(d) Destroying companies.

12. The author describes England as the land of ________.
(a) Haggis.
(b) Limp paychecks.
(c) Long lines.
(d) Royal watchers.

13. The front-row people in the Salomon Brothers training program are generally from which business school?
(a) Princeton.
(b) Wharton.
(c) Yale.
(d) Harvard.

14. With whom has the author received an invitation to dine?
(a) Prince Charles.
(b) The queen mother.
(c) Lady Diana.
(d) Queen Elizabeth II.

15. What is the nickname of Horowitz?
(a) Uncle Dale.
(b) The hatchet man.
(c) The Jackknife.
(d) Papa Horowitz.

Short Answer Questions

1. The author notices that young traders become _____ after they get onto Meriwether's trading desk.

2. The author characterizes the bond trader as a _____.

3. What is another word for savings and loan?

4. Where is the author living in 1984?

5. Though he was rejected by Harvard, Gutfreund eventually graduated from ______.

(see the answer keys)

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